PART 5Regulation of payment systems

“Payment system” etc

I142Participants in payment systems etc

1

This section applies for the purposes of this Part.

2

The following persons are “participants” in a payment system—

a

the operator of the payment system (see subsection (3));

b

any infrastructure provider (see subsection (4));

c

any payment service provider (see subsection (5)).

(But see also subsection (8).)

3

“Operator”, in relation to a payment system, means any person with responsibility under the system for managing or operating it; and any reference to the operation of a payment system includes a reference to its management.

4

“Infrastructure provider”, in relation to a payment system, means any person who provides or controls any part of the infrastructure used for the purposes of operating the payment system.

5

“Payment service provider”, in relation to a payment system, means any person who provides services to persons who are not participants in the system for the purposes of enabling the transfer of funds using the payment system.

6

A payment service provider has “direct access” to a payment system if the payment service provider is able to provide services for the purposes of enabling the transfer of funds using the payment system as a result of arrangements made between the payment service provider and the operator of the payment system.

7

Any reference to participation in a payment system is to be read in accordance with this section, and in particular—

a

in the case of an operator of a payment system, includes a reference to developing the system, and

b

in the case of a payment service provider with direct access to a payment system, includes a reference to entering into an agreement with a person to enable the person to become a payment service provider in relation to the system.

8

The Bank of England is not to be regarded as a participant of any kind in any payment system.